You are positioned right at one of the top 10, if not 3, STR markets on the planet buddy! 

highlight_post=4170358&page=5#p4170358@Scott Innocente, has been a huge asset to me in finding decent MFRs and off market possibilities.

Does anyone have a map breaking down the Phoenix market area ?

what would you think of a 14,600sqft 3 unit property in sailboat bend, off market, that is RMM25 zoned and has a nice single family and duplex behind it, half of the lot if empty so it can be developed or RV/trailer parking, for $1.1M?

Personally, I wouldn’t invest in a market where appreciation averages only 2%.

I hope you are doing well and sounds like you are an experience investor in this market - would love to maybe grab coffee sometime and hear about the experiences you have gain over that last 15 years!

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

I almost exclusively sell bank foreclosures for a large asset management company, and I also do a lot of marketing for wholesale deals.

I'm new to the market but not new to investing and looking for wholesalers and other investors to work with.

List price is 320K and it has been on market for 60 days.